There has never been a better time for first time buyers to become homeowners and we are seeing this in our market activity. With the $8,000 federal tax credit, historically low mortgages and available inventory, Realtors from across the state are reporting an influx of first time buyers into the 2009 market. We expect first time buyers to continue to drive the late spring and summer markets.
First Time Buyers need to be aware of two important facts to fully maximize their advantages today. First and Foremost, the purchase has to be closed by the Dec. 1 deadline, so to be assured of this, we recommend being under contract by the end of September. Additionally, as the deadlineapproaches, we expect a tightening of inventory in the first-time buyer sector of the market, which may make it more difficult to find the right home later this year.
New York Realtors sold 5,026 existing single-family homes in New York State in April 2009, a 13.7 percent increase comapred to April 2009, but a 17 percent decrease comapred to April 2008.
The April 2009 median sales price in New York State of $185,000 represents a decrease of 5.1 percent comapred to the $195,000 median recorded in March 2009 and an increase of 11.9 percent to the April 2008 median of $210,000.
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